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These days, finding an affordable place to live in the Tempe area can be challenging. Home prices in Tempe are now at a median cost of $449,695, higher than the Arizona average of $421,436.
The average cost of rent is $1,844/mo in Tempe, primarily driven by the current value of real estate in the Tempe area. In Tempe, 57.55% of households rent, and 42.50% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Tempe is $7,366 per month. Households that rent pay about 25.04% of their income on rent here. Tempe’s most expensive areas are in the southeastern regions, while the cheapest areas are in the western parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Guadalupe, AZ: less expensive homes
- Chandler, AZ: higher priced homes
- Mesa, AZ: less expensive homes
- Gilbert, AZ: higher priced homes
- Sun Lakes, AZ: equally priced homes
- Laveen, AZ: equally priced homes
- Sacate, AZ: less expensive homes
- Higley, AZ: equally priced homes
- Laveen Village, AZ: less expensive homes
- Maricopa Colony, AZ: less expensive homes
Cities with Similar Populations
- Burleson, TX: less expensive homes
- Bloomington, IN: less expensive homes
- Bothell, WA: higher priced homes
- Bloomington, MN: less expensive homes
- Boston, MA: higher priced homes
- Bossier City, LA: less expensive homes
- Broken Arrow, OK: less expensive homes
- Bronx, NY: higher priced homes
- Burlington, NC: less expensive homes
- Bloomington, IL: less expensive homes
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